Tesco: reports 'solid' Q1 growth

(CercleFinance.com) - Tesco, the UK's leading retailer, reported "solid" growth for Q1 on Friday, helped by the recent slowdown in inflation.


The retailer's total sales, excluding fuel and VAT, rose by 3.4% LFL in the three months to the end of May.

In the UK, its sales climbed by 4.6% over the period, helped by market share gains from its main competitors.

Tesco's UK market share rose by 0.5% to 27.6%, an increase not seen for two years.

With sales in line with forecasts, and positioning for the coming months deemed appropriate, Tesco has maintained its forecasts for the current financial year.

The share price rose by 1.6% on Friday morning in London following this publication.


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